Log In

Reset Password

Taxation-related Bills tabled in House

Legislation implementing budgetary steps laid out by Curtis Dickinson, the finance minister, has been tabled to go into effect later this year.

The Land Tax Amendment Bill 2019, tabled yesterday in the House, will come into effect on July 1, 2019 if approved.

The Bill is aimed at tourist units such as hotels, cottage colonies and guesthouses, but excludes vacation rental units. On top of a base charge of $300, the Bill imposes charges based on the property's annual rental value, with a special rate for properties inside Economic Empowerment Zones.

The Financial Services Tax Amendment Act 2019 will impose an extra tax on banks and domestic insurers — although health insurance and the Government's own insurance gets a pass. However, additional landholding charges that had been scheduled to take effect on March 31 this year have been deferred another two years, under the Bermuda Immigration and Protection (Landholding Charges) Amendments Regulations 2019.

Also tabled was the amendment to hike the foreign currency purchase tax from 1 per cent to 1.25 per cent, and Bills extending customs duty relief to hotels and restaurants to 2024.

A table illustrating how the land tax rates will change under the new legislation (Source: the Budget Statement 2019-20)

You must be Registered or to post comment or to vote.

Published March 02, 2019 at 8:00 am (Updated March 02, 2019 at 7:42 am)

Taxation-related Bills tabled in House

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon